06 May Tidewater Reports Results for the Three Months Ended March 31, 2025
First Quarter 2025 Highlights
- Revenue of $333.4 million, a 3.8% improvement compared to the first quarter of 2024
- Average day rate of $22,303 per day, an improvement of $2,740 per day, or 14.0%, compared to the first quarter of 2024
-
Net income of $42.7 million and Adjusted EBITDA of $154.2 million
- Net Income and Adjusted EBITDA were favorably impacted by the $7.6 million foreign exchange gain due to the weakening of the U.S. dollar
- Net cash provided by operating activities of $86.0 million and free cash flow of $94.7 million
Share Count Reduction and 2025 Guidance
- Share count was reduced by 2.3 million shares through April 14, 2025 through repurchases of $90.0 million at an average price of $39.31 per share
- Share count was further reduced by 179,645 shares during the first quarter in exchange for paying $7.5 million of employee taxes on the vesting of equity compensation at an average price of $41.55 per share
- Reiterating 2025 revenue guidance of $1.32 to $1.38 billion and 2025 gross margin guidance of 48% to 50%
HOUSTON–(BUSINESS WIRE)–Tidewater Inc. (NYSE:TDW) announced today revenue for the three months ended March 31, 2025 of $333.4 million, compared with $321.2 million for the three months ended March 31, 2024. Tidewater’s net income for the three months ended March 31, 2025, was $42.7 million ($0.83 per common share), compared with net income of $47.0 million ($0.89 per common share) for the three months ended March 31, 2024.
Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The first quarter of 2025 came in nicely ahead of expectations, as utilization and day rate both performed better than anticipated across many of our operating regions, delivering revenue of $333.4 million for the quarter. The average day rate for the quarter marked another record at $22,303, and we achieved a 50.1% gross margin for the quarter, the second consecutive quarter above 50.0%, and also nicely ahead of expectations. Free cash flow of $94.7 million during the first quarter is particularly notable as the first quarter represents our largest quarterly drydock spend of the year, further demonstrating the free cash flow generation capacity of the business.
“On a year-to-date basis, we repurchased 2.3 million shares in the open market for $90.0 million, an average price of $39.31, fully utilizing the maximum permissible amount of repurchases available to us under our existing debt agreements. When combined with the approximately 180,000 shares we took back from employees in exchange for the $7.5 million payment of their taxes on the vesting of equity compensation during the first quarter, we’ve utilized nearly $100 million year-to-date to reduce the number of outstanding shares by almost 2.5 million. We have fully utilized our share repurchase capacity under the limitations in our existing debt agreements. As we progress through the year, we anticipate our share repurchase allowance to increase, providing for the opportunity to pursue additional share repurchases.
“As we look out over the remainder of 2025, it’s easy to acknowledge that macroeconomic uncertainty has increased since the end of 2024. It is difficult, however, to know how some of the macroeconomic uncertainties will ultimately play out, and therefore, how commodity prices will influence operator behavior and spending plans. To date, we’ve not learned of any project cancellations, however, we remain vigilant in gauging how the offshore activity environment will evolve over the remainder of 2025. With our outperformance in the first quarter and no tangible evidence to the contrary, we are comfortable reiterating our 2025 guidance of $1.32 billion to $1.38 billion of revenue and 2025 gross margin guidance of 48% to 50%. As of today, the midpoint of our revenue guidance completed or contracted for the current year increased from 81% at the end of February to 88% today.
“Offshore vessel supply remains in a favorable position, with conversations pertaining to newbuild capacity largely inactive. While the macroeconomic landscape will continue to unfold over the coming months, we fundamentally believe that the world’s demand for energy will continue to grow in the long-term and that offshore sources of energy provide a compelling economic solution to satisfy that demand. As offshore activity continues to grow, Tidewater is well positioned to continue to take advantage of this trend.”
In addition to the number of outstanding shares, as of March 31, 2025, the Company also has the following in-the-money warrants.
|
Common shares outstanding |
|
|
50,852,297 |
|
|
New Creditor Warrants (strike price $0.001 per common share) |
|
|
76,175 |
|
|
GulfMark Creditor Warrants (strike price $0.01 per common share) |
|
|
72,984 |
|
|
Total |
|
|
51,001,456 |
|
Tidewater will hold a conference call to discuss results for the three months ending March 31, 2025 on May 6, 2025, at 8:00 a.m. Central Time. Investors and interested parties may listen to the earnings conference call via telephone by calling +1.800.715.9871 if calling from the U.S. or Canada (+1.647.932.3411 if calling from outside the U.S. or Canada) and provide Conference ID: 8745688 prior to the scheduled start time. A live webcast of the call will also be available in the Investor Relations section of Tidewater’s website at investor.tdw.com.
A replay of the conference call will be available beginning at 11:00 a.m. Central Time on May 6, 2025. To access the replay, visit the Investor Relations section of Tidewater’s website at investor.tdw.com.
About Tidewater
Tidewater owns and operates the largest fleet of offshore support vessels in the industry, with 65 years of experience supporting offshore energy exploration, production and offshore wind activities worldwide. To learn more, visit www.tdw.com.
Cautionary Statement
This news release contains “forward-looking statements” within the meaning of the U.S. federal securities laws – that is, any statements that are not historical facts. Such statements often contain words such as “expect,” “believe,” “think,” “anticipate,” “predict,” “plan,” “assume,” “estimate,” “forecast,” “target,” “projections,” “intend,” “should,” “will,” “shall” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain and based on our management’s current expectations and beliefs concerning future developments and their potential impact on Tidewater Inc. and its subsidiaries (the “Company”).
These forward-looking statements involve risks and uncertainties that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements, including, among others: fluctuations in worldwide energy demand and oil and gas prices; fleet additions by competitors and industry overcapacity; limited capital resources available to replenish our asset base as needed, including through acquisitions or vessel construction, and to fund our capital expenditure needs; uncertainty of global financial market conditions and potential constraints in accessing capital or credit if and when needed with favorable terms, if at all; changes in decisions and capital spending by customers based on industry expectations for offshore exploration, field development and production; global trade trends, including evolving impacts from implementation of new tariffs and potential retaliatory measures; consolidation of our customer base; loss of a major customer; changing customer demands for vessel specifications, which may make some of our older vessels technologically obsolete for certain customer projects or in certain markets; rapid technological changes; delays and other problems associated with vessel maintenance; the continued availability of qualified personnel and our ability to attract and retain them; the operating risks normally incident to our lines of business, including the potential impact of liquidated counterparties; our ability to comply with covenants in our indentures and other debt instruments; acts of terrorism and piracy; the impact of regional or global public health crises or pandemics; the impact of potential information technology, cybersecurity or data security breaches; uncertainty around the use and impacts of artificial intelligence applications; integration of acquired businesses and entry into new lines of business; disagreements with our joint venture partners; natural disasters or significant weather conditions; unsettled political conditions, war, civil unrest and governmental actions, such as expropriation or enforcement of customs or other laws that are not well developed or consistently enforced; risks associated with our international operations, including local content, local currency or similar requirements especially in higher political risk countries where we operate; interest rate and foreign currency fluctuations; labor changes proposed by international conventions; increased regulatory burdens and oversight; changes in laws governing the taxation of foreign source income; retention of skilled workers; enforcement of laws related to the environment, labor and foreign corrupt practices; increased global concern, regulation and scrutiny regarding climate change; increased stockholder activism; the potential liability for remedial actions or assessments under existing or future environmental regulations or litigation; the effects of asserted and unasserted claims and the extent of available insurance coverage; the resolution of pending legal proceedings; and other risks and uncertainties detailed in our most recent Form 10-K, Form 10-Qs and Form 8-Ks filed with or furnished to the SEC.
If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual results or outcomes may vary materially from those reflected in our forward-looking statements. Forward-looking and other statements in this presentation regarding our environmental, social and other sustainability plans, goals or activities are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards still developing, internal controls and processes that we continue to evolve, and assumptions subject to change in the future. Statements in this release are made as of the date hereof, and the Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Financial information is displayed beginning on the next page.
The financial statements and supplementary information presented in this press release were not audited. This press release presents extracts from the Consolidated Balance Sheets at March 31, 2025 and December 31, 2024; the Consolidated Statements of Operations and Consolidated Statements of Equity for the three months ended March 31, 2025 and 2024; and the Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024. Extracts are drawn from the March 31, 2025 unaudited quarterly and December 31, 2024 audited annual financial statements of Tidewater Inc. All per-share amounts are stated on a diluted basis.
|
TIDEWATER INC. CONDENSED CONSOLIDATED INCOME STATEMENTS (In Thousands, except per share data) |
||||||||
|
|
|
Three Months Ended |
|
|||||
|
|
|
March 31, 2025 |
|
|
March 31, 2024 |
|
||
|
Revenues: |
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
330,699 |
|
|
$ |
318,686 |
|
|
Other operating revenues |
|
|
2,745 |
|
|
|
2,478 |
|
|
Total revenues |
|
|
333,444 |
|
|
|
321,164 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
Vessel operating costs |
|
|
164,979 |
|
|
|
167,556 |
|
|
Costs of other operating revenues |
|
|
1,430 |
|
|
|
1,150 |
|
|
General and administrative |
|
|
29,094 |
|
|
|
25,329 |
|
|
Depreciation and amortization |
|
|
65,432 |
|
|
|
56,270 |
|
|
Gain on asset dispositions, net |
|
|
(2,538 |
) |
|
|
(11,039 |
) |
|
Total costs and expenses |
|
|
258,397 |
|
|
|
239,266 |
|
|
Operating income |
|
|
75,047 |
|
|
|
81,898 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
7,569 |
|
|
|
(4,085 |
) |
|
Equity in net losses of unconsolidated companies |
|
|
— |
|
|
|
(5 |
) |
|
Interest income and other, net |
|
|
2,157 |
|
|
|
1,483 |
|
|
Interest and other debt costs, net |
|
|
(16,344 |
) |
|
|
(19,476 |
) |
|
Total other expense |
|
|
(6,618 |
) |
|
|
(22,083 |
) |
|
Income before income taxes |
|
|
68,429 |
|
|
|
59,815 |
|
|
Income tax expense |
|
|
26,109 |
|
|
|
13,070 |
|
|
Net income |
|
|
42,320 |
|
|
|
46,745 |
|
|
Less: Net loss attributable to noncontrolling interests |
|
|
(333 |
) |
|
|
(281 |
) |
|
Net income attributable to Tidewater Inc. |
|
$ |
42,653 |
|
|
$ |
47,026 |
|
|
Basic income per common share |
|
$ |
0.83 |
|
|
$ |
0.90 |
|
|
Diluted income per common share |
|
$ |
0.83 |
|
|
$ |
0.89 |
|
|
Weighted average common shares outstanding |
|
|
51,502 |
|
|
|
52,320 |
|
|
Dilutive effect of warrants, restricted stock units and stock options |
|
|
176 |
|
|
|
580 |
|
|
Adjusted weighted average common shares |
|
|
51,678 |
|
|
|
52,900 |
|
|
TIDEWATER INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands, except share and par value data) |
||||||||
|
|
|
March 31, 2025 |
|
|
December 31, 2024 |
|
||
|
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
341,799 |
|
|
$ |
324,918 |
|
|
Restricted cash |
|
|
5,234 |
|
|
|
2,032 |
|
|
Trade and other receivables, net of allowance for credit losses of $3,144 and $3,184 at March 31, 2025 and December 31, 2024, respectively |
|
|
312,904 |
|
|
|
323,805 |
|
|
Marine operating supplies |
|
|
23,101 |
|
|
|
34,319 |
|
|
Prepaid expenses and other current assets |
|
|
15,160 |
|
|
|
13,588 |
|
|
Total current assets |
|
|
698,198 |
|
|
|
698,662 |
|
|
Net properties and equipment |
|
|
1,163,758 |
|
|
|
1,184,282 |
|
|
Deferred drydocking and survey costs |
|
|
169,326 |
|
|
|
152,550 |
|
|
Indemnification assets |
|
|
11,114 |
|
|
|
11,946 |
|
|
Other assets |
|
|
23,770 |
|
|
|
27,464 |
|
|
Total assets |
|
$ |
2,066,166 |
|
|
$ |
2,074,904 |
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
50,203 |
|
|
$ |
71,385 |
|
|
Accrued expenses |
|
|
133,000 |
|
|
|
129,894 |
|
|
Current portion of long-term debt |
|
|
80,042 |
|
|
|
65,386 |
|
|
Other current liabilities |
|
|
74,299 |
|
|
|
64,948 |
|
|
Total current liabilities |
|
|
337,544 |
|
|
|
331,613 |
|
|
Long-term debt |
|
|
555,994 |
|
|
|
571,710 |
|
|
Other liabilities |
|
|
62,263 |
|
|
|
60,396 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
|
|
Common stock of $0.001 par value, 125,000,000 shares authorized, 50,852,297 and 51,461,472 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively |
|
|
51 |
|
|
|
52 |
|
|
Additional paid-in-capital |
|
|
1,652,856 |
|
|
|
1,656,830 |
|
|
Accumulated deficit |
|
|
(545,890 |
) |
|
|
(548,831 |
) |
|
Accumulated other comprehensive loss |
|
|
6,607 |
|
|
|
6,060 |
|
|
Total stockholders’ equity |
|
|
1,113,624 |
|
|
|
1,114,111 |
|
|
Noncontrolling interests |
|
|
(3,259 |
) |
|
|
(2,926 |
) |
|
Total equity |
|
|
1,110,365 |
|
|
|
1,111,185 |
|
|
Total liabilities and equity |
|
$ |
2,066,166 |
|
|
$ |
2,074,904 |
|
|
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In Thousands) |
||||||||
|
|
|
Three Months Ended |
|
|||||
|
|
|
March 31, 2025 |
|
|
March 31, 2024 |
|
||
|
Net income |
|
$ |
42,320 |
|
|
$ |
46,745 |
|
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
Unrealized gain on note receivable |
|
|
— |
|
|
|
80 |
|
|
Change in liability of pension plans |
|
|
547 |
|
|
|
(137 |
) |
|
Total comprehensive income |
|
$ |
42,867 |
|
|
$ |
46,688 |
|
|
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) |
||||||||
|
|
|
Three Months |
|
|
Three Months |
|
||
|
|
|
Ended |
|
|
Ended |
|
||
|
|
|
March 31, 2025 |
|
|
March 31, 2024 |
|
||
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
42,320 |
|
|
$ |
46,745 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
39,014 |
|
|
|
38,811 |
|
|
Amortization of deferred drydocking and survey costs |
|
|
26,418 |
|
|
|
17,459 |
|
|
Amortization of debt premiums and discounts |
|
|
1,501 |
|
|
|
1,814 |
|
|
Amortization of below market contracts |
|
|
(351 |
) |
|
|
(1,206 |
) |
|
Deferred income taxes provision (benefit) |
|
|
2,347 |
|
|
|
73 |
|
|
Gain on asset dispositions, net |
|
|
(2,538 |
) |
|
|
(11,039 |
) |
|
Stock-based compensation expense |
|
|
3,491 |
|
|
|
2,766 |
|
|
Changes in assets and liabilities, net of effects of business acquisition: |
|
|
|
|
|
|
|
|
|
Trade and other receivables |
|
|
10,901 |
|
|
|
(17,616 |
) |
|
Accounts payable |
|
|
(21,182 |
) |
|
|
6,843 |
|
|
Accrued expenses |
|
|
3,106 |
|
|
|
6,600 |
|
|
Deferred drydocking and survey costs |
|
|
(43,339 |
) |
|
|
(40,018 |
) |
|
Other, net |
|
|
24,285 |
|
|
|
3,533 |
|
|
Net cash provided by operating activities |
|
|
85,973 |
|
|
|
54,765 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
Proceeds from asset dispositions |
|
|
3,816 |
|
|
|
12,463 |
|
|
Proceeds from sale of notes |
|
|
600 |
|
|
|
— |
|
|
Additions to properties and equipment |
|
|
(10,266 |
) |
|
|
(10,942 |
) |
|
Net cash provided by (used in) investing activities |
|
|
(5,850 |
) |
|
|
1,521 |
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
Principal payments on long-term debt |
|
|
(12,500 |
) |
|
|
(12,500 |
) |
|
Purchase of common stock |
|
|
(39,275 |
) |
|
|
(3,501 |
) |
|
Debt issuance costs |
|
|
— |
|
|
|
(135 |
) |
|
Share based awards reacquired to pay taxes |
|
|
(7,465 |
) |
|
|
(28,462 |
) |
|
Net cash used in financing activities |
|
|
(59,240 |
) |
|
|
(44,598 |
) |
|
Net change in cash, cash equivalents and restricted cash |
|
|
20,883 |
|
|
|
11,688 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
329,031 |
|
|
|
277,965 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
349,914 |
|
|
$ |
289,653 |
|
|
|
|
|
|
|
|
|
||
|
Supplemental disclosure of cash flow information: |
|
|
|
|
|
|
|
|
|
Cash paid during the year for: |
|
|
|
|
|
|
|
|
|
Interest, net of amounts capitalized |
|
$ |
17,505 |
|
|
$ |
15,621 |
|
|
Income taxes |
|
$ |
15,148 |
|
|
$ |
15,603 |
|
|
Supplemental disclosure of noncash investing activities: |
|
|
|
|
|
|
|
|
|
Purchase of vessels |
|
$ |
9,098 |
|
|
$ |
— |
|
|
Supplemental disclosure of noncash financing activities: |
|
|
|
|
|
|
|
|
|
Debt incurred for the purchase of vessels |
|
$ |
9,712 |
|
|
$ |
— |
|
|
Note: Cash, cash equivalents and restricted cash at March 31, 2025 includes $2.9 million in long-term restricted cash, which is included in other assets in our consolidated balance sheet. |
||||||||
|
TIDEWATER INC. CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (In Thousands) |
||||||||||||||||||||||||
|
|
|
Three Months Ended |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
other |
|
|
Non |
|
|
|
|
|
|||
|
|
|
Common |
|
|
paid-in |
|
|
Accumulated |
|
|
comprehensive |
|
|
controlling |
|
|
|
|
|
|||||
|
|
|
stock |
|
|
capital |
|
|
deficit |
|
|
income |
|
|
interest |
|
|
Total |
|
||||||
|
Balance at December 31, 2024 |
|
$ |
52 |
|
|
$ |
1,656,830 |
|
|
$ |
(548,831 |
) |
|
$ |
6,060 |
|
|
$ |
(2,926 |
) |
|
$ |
1,111,185 |
|
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
42,653 |
|
|
|
547 |
|
|
|
(333 |
) |
|
|
42,867 |
|
|
Repurchase and retirement of common stock |
|
|
(1 |
) |
|
|
— |
|
|
|
(39,712 |
) |
|
|
— |
|
|
|
— |
|
|
|
(39,713 |
) |
|
Amortization of share-based awards |
|
|
— |
|
|
|
(3,974 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,974 |
) |
|
Balance at March 31, 2025 |
|
$ |
51 |
|
|
$ |
1,652,856 |
|
|
$ |
(545,890 |
) |
|
$ |
6,607 |
|
|
$ |
(3,259 |
) |
|
$ |
1,110,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2023 |
|
$ |
52 |
|
|
$ |
1,671,759 |
|
|
$ |
(637,858 |
) |
|
$ |
5,266 |
|
|
$ |
(1,542 |
) |
|
$ |
1,037,677 |
|
|
Total comprehensive income (loss) |
|
|
— |
|
|
|
— |
|
|
|
47,026 |
|
|
|
(57 |
) |
|
|
(281 |
) |
|
|
46,688 |
|
|
Issuance of common stock |
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Repurchase and retirement of common stock |
|
|
— |
|
|
|
— |
|
|
|
(3,535 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,535 |
) |
|
Amortization of share-based awards |
|
|
— |
|
|
|
(25,697 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25,697 |
) |
|
Balance at March 31, 2024 |
|
$ |
53 |
|
|
$ |
1,646,061 |
|
|
$ |
(594,367 |
) |
|
$ |
5,209 |
|
|
$ |
(1,823 |
) |
|
$ |
1,055,133 |
|
|
The company’s vessel revenues and vessel operating costs and the related percentage of total vessel revenues, were as follows: |
||||||||||||||||
|
(In Thousands) |
|
Three Months Ended |
|
|||||||||||||
|
|
|
March 31, 2025 |
|
|
March 31, 2024 |
|
||||||||||
|
Vessel revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
54,852 |
|
|
|
17 |
% |
|
$ |
63,941 |
|
|
|
20 |
% |
|
Asia Pacific |
|
|
48,228 |
|
|
|
14 |
% |
|
|
47,781 |
|
|
|
15 |
% |
|
Middle East |
|
|
43,302 |
|
|
|
13 |
% |
|
|
37,932 |
|
|
|
12 |
% |
|
Europe/Mediterranean |
|
|
78,205 |
|
|
|
24 |
% |
|
|
80,381 |
|
|
|
25 |
% |
|
West Africa |
|
|
106,112 |
|
|
|
32 |
% |
|
|
88,651 |
|
|
|
28 |
% |
|
Total vessel revenues |
|
$ |
330,699 |
|
|
|
100 |
% |
|
$ |
318,686 |
|
|
|
100 |
% |
|
Vessel operating costs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crew costs |
|
$ |
97,113 |
|
|
|
29 |
% |
|
$ |
102,352 |
|
|
|
32 |
% |
|
Repair and maintenance |
|
|
21,954 |
|
|
|
7 |
% |
|
|
21,348 |
|
|
|
7 |
% |
|
Insurance |
|
|
3,034 |
|
|
|
1 |
% |
|
|
2,580 |
|
|
|
1 |
% |
|
Fuel, lube and supplies |
|
|
14,378 |
|
|
|
4 |
% |
|
|
17,318 |
|
|
|
5 |
% |
|
Other |
|
|
28,500 |
|
|
|
9 |
% |
|
|
23,958 |
|
|
|
8 |
% |
|
Total vessel operating costs |
|
|
164,979 |
|
|
|
50 |
% |
|
|
167,556 |
|
|
|
53 |
% |
|
Vessel operating margin (A) |
|
$ |
165,720 |
|
|
|
50 |
% |
|
$ |
151,130 |
|
|
|
47 |
% |
|
Note (A): Vessel operating margin equals vessel revenues less vessel operating costs. |
||||||||||||||||
|
The company’s operating income (loss) and other components of income (loss) before income taxes and its related percentage of total revenues, were as follows: |
||||||||||||||||
|
(In Thousands) |
|
Three Months Ended |
|
|||||||||||||
|
|
|
March 31, 2025 |
|
|
March 31, 2024 |
|
||||||||||
|
Vessel operating profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
|
$ |
4,895 |
|
|
|
1 |
% |
|
$ |
10,126 |
|
|
|
3 |
% |
|
Asia Pacific |
|
|
13,680 |
|
|
|
4 |
% |
|
|
14,847 |
|
|
|
5 |
% |
|
Middle East |
|
|
8,563 |
|
|
|
3 |
% |
|
|
1,529 |
|
|
|
0 |
% |
|
Europe/Mediterranean |
|
|
7,378 |
|
|
|
2 |
% |
|
|
14,757 |
|
|
|
5 |
% |
|
West Africa |
|
|
51,613 |
|
|
|
16 |
% |
|
|
41,010 |
|
|
|
13 |
% |
|
Other operating profit |
|
|
1,315 |
|
|
|
0 |
% |
|
|
1,328 |
|
|
|
0 |
% |
|
|
|
|
87,444 |
|
|
|
26 |
% |
|
|
83,597 |
|
|
|
26 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses (A) |
|
|
(14,935 |
) |
|
|
(4 |
)% |
|
|
(12,738 |
) |
|
|
(4 |
)% |
|
Gain on asset dispositions, net |
|
|
2,538 |
|
|
|
1 |
% |
|
|
11,039 |
|
|
|
3 |
% |
|
Operating income |
|
$ |
75,047 |
|
|
|
23 |
% |
|
$ |
81,898 |
|
|
|
25 |
% |
|
Note (A): General and administrative expenses for the three months ended March 31, 2025 and 2024 include stock-based compensation of $3.5 million and $2.8 million, respectively. In addition, vessel operating and general and administrative costs for the three months March 31, 2025 and 2024, include zero and $0.7 million in acquisition, restructuring and integration related costs, respectively. |
||||||||||||||||
|
TIDEWATER INC. CONSOLIDATED STATEMENTS OF EARNINGS – QUARTERLY DATA (In Thousands, except per share data) |
||||||||||||||||||||
|
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
June 30, |
|
|
March 31, |
|
|||||
|
|
|
2025 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|||||
|
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel revenues |
|
$ |
330,699 |
|
|
$ |
343,463 |
|
|
$ |
338,485 |
|
|
$ |
337,003 |
|
|
$ |
318,686 |
|
|
Other operating revenues |
|
|
2,745 |
|
|
|
1,622 |
|
|
|
1,871 |
|
|
|
2,227 |
|
|
|
2,478 |
|
|
Total revenues |
|
|
333,444 |
|
|
|
345,085 |
|
|
|
340,356 |
|
|
|
339,230 |
|
|
|
321,164 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating costs (A) |
|
|
164,979 |
|
|
|
170,384 |
|
|
|
178,654 |
|
|
|
176,513 |
|
|
|
167,556 |
|
|
Costs of other operating revenue |
|
|
1,430 |
|
|
|
688 |
|
|
|
901 |
|
|
|
816 |
|
|
|
1,150 |
|
|
General and administrative (A) |
|
|
29,094 |
|
|
|
30,688 |
|
|
|
28,471 |
|
|
|
26,329 |
|
|
|
25,329 |
|
|
Depreciation and amortization |
|
|
65,432 |
|
|
|
64,620 |
|
|
|
62,435 |
|
|
|
59,445 |
|
|
|
56,270 |
|
|
Gain on asset dispositions, net |
|
|
(2,538 |
) |
|
|
(2,672 |
) |
|
|
(51 |
) |
|
|
(2,000 |
) |
|
|
(11,039 |
) |
|
Total operating costs and expenses |
|
|
258,397 |
|
|
|
263,708 |
|
|
|
270,410 |
|
|
|
261,103 |
|
|
|
239,266 |
|
|
Operating income |
|
|
75,047 |
|
|
|
81,377 |
|
|
|
69,946 |
|
|
|
78,127 |
|
|
|
81,898 |
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign exchange gain (loss) |
|
|
7,569 |
|
|
|
(14,337 |
) |
|
|
5,522 |
|
|
|
(2,376 |
) |
|
|
(4,085 |
) |
|
Equity in net earnings (losses) of unconsolidated companies |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5 |
|
|
|
(5 |
) |
|
Interest income and other, net |
|
|
2,157 |
|
|
|
2,697 |
|
|
|
1,028 |
|
|
|
1,175 |
|
|
|
1,483 |
|
|
Interest and other debt costs, net |
|
|
(16,344 |
) |
|
|
(16,742 |
) |
|
|
(17,622 |
) |
|
|
(19,127 |
) |
|
|
(19,476 |
) |
|
Total other expense |
|
|
(6,618 |
) |
|
|
(28,382 |
) |
|
|
(11,072 |
) |
|
|
(20,323 |
) |
|
|
(22,083 |
) |
|
Income before income taxes |
|
|
68,429 |
|
|
|
52,995 |
|
|
|
58,874 |
|
|
|
57,804 |
|
|
|
59,815 |
|
|
Income tax expense |
|
|
26,109 |
|
|
|
16,376 |
|
|
|
12,883 |
|
|
|
7,887 |
|
|
|
13,070 |
|
|
Net income |
|
|
42,320 |
|
|
|
36,619 |
|
|
|
45,991 |
|
|
|
49,917 |
|
|
|
46,745 |
|
|
Net loss attributable to noncontrolling interests |
|
|
(333 |
) |
|
|
(286 |
) |
|
|
(380 |
) |
|
|
(437 |
) |
|
|
(281 |
) |
|
Net income attributable to Tidewater Inc. |
|
$ |
42,653 |
|
|
$ |
36,905 |
|
|
$ |
46,371 |
|
|
$ |
50,354 |
|
|
$ |
47,026 |
|
|
Basic income per common share |
|
$ |
0.83 |
|
|
$ |
0.71 |
|
|
$ |
0.88 |
|
|
$ |
0.96 |
|
|
$ |
0.90 |
|
|
Diluted income per common share |
|
$ |
0.83 |
|
|
$ |
0.70 |
|
|
$ |
0.87 |
|
|
$ |
0.94 |
|
|
$ |
0.89 |
|
|
Weighted average common shares outstanding |
|
|
51,502 |
|
|
|
52,315 |
|
|
|
52,490 |
|
|
|
52,684 |
|
|
|
52,320 |
|
|
Dilutive effect of warrants, restricted stock units and stock options |
|
|
176 |
|
|
|
514 |
|
|
|
593 |
|
|
|
663 |
|
|
|
580 |
|
|
Adjusted weighted average common shares |
|
|
51,678 |
|
|
|
52,829 |
|
|
|
53,083 |
|
|
|
53,347 |
|
|
|
52,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating margin |
|
$ |
165,720 |
|
|
$ |
173,079 |
|
|
$ |
159,831 |
|
|
$ |
160,490 |
|
|
$ |
151,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (A): Acquisition, restructuring and integration related costs |
|
$ |
— |
|
|
$ |
978 |
|
|
$ |
581 |
|
|
$ |
— |
|
|
$ |
709 |
|
Contacts
Tidewater Inc.
West Gotcher
Senior Vice President,
Strategy, Corporate Development and Investor Relations
+1.713.470.5285
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